Author: Esther Aye

The $40 billion that Nigerians have spent on overseas education and medical travel over the past ten years is the primary cause of the naira’s wild decline, according to the Central Bank of Nigeria (CBN). The tendency, according to the apex bank, is brought on by a decrease in US dollar supply despite strong demand for the currency to cover costs for overseas services in the fields of health, education, and other industries. At the sectoral debate hosted by the House of Representatives, CBN governor Olayemi Cardoso remarked that Nigeria has spent $40 billion on medical and educational travel in…

According to the Academic Staff Union of Universities, it is fed up with the federal government breaking agreements it has made with the union. The government announced in September 2023 that the remuneration of employees at tertiary institutions would be reviewed higher by 35%, with effect from January 2023. Strikes at government-owned colleges have occasionally resulted from ASUU demands, such as the payment of Earned Academic Allowance and the unprogressive renegotiation of the 2009 ASUU-FGN agreement. Additionally, it committed to paying four months’ salary out of the seven and a half months that payments were withheld during the nationwide strike…

It is important for you to know that the Canadian government has recently announced changes to the study permit if you are actively preparing to study there. The requirements for a Post-Graduation Work Permit (PGWP) are also affected by regulations pertaining to foreign students entering Canada in 2024. Note that the Canadian government declared on January 22, 2024, that the number of study permit applications accepted would be limited to two years. In 2024, it is anticipated that 360,000 additional study licenses will be granted to overseas students, a 35% drop from 2023. At year’s end, the cap for 2025…

The United States of America’s second-largest commercial partner in Africa is Nigeria according to a statement from U.S. Commercial Counselor to Nigeria, Julie Leblanc. Leblanc, speaking in place of Will Stevens, the Consul General, and the U.S. Mission to Nigeria, discussed the importance of bolstering bilateral trade links between the United States and Africa, particularly Nigeria. She emphasized the roles that the US government has played in closing the trade deficit with China and stated the specific areas that have helped improve this bilateral relationship, with more focus directed towards enhancements in technology, education, healthcare, and agriculture, amongst other areas.…

A non-governmental organization gave Nigerians advice on how to adopt efficient management techniques to guarantee their general health and wellbeing. In an interview with the NGO’s Team Lead and Founder, Dr. Odunola Olabintan, stated that stress is becoming a common problem impacting people from a variety of backgrounds in today’s fast-paced society. She emphasized the importance of treating symptoms as soon as possible, pointing out that stress can come from a variety of sources, including difficult work situations and personal obligations. Stress is essentially the body’s natural reaction to pressure or change. People frequently struggle with stress, whether it is from…

The Department of State Services has requested that voters behave peacefully during the byelections on Saturday. In 26 states around the nation, elections will be held by the Independent National Electoral Commission to fill a variety of open political seats. Ebonyi, Yobe, Kebbi, Lagos, Ondo, Taraba, Benue, Borno, Kaduna, Plateau, and Akwa Ibom are the states in question. The remaining states are Kano, Nasarawa, Niger, Oyo, Sokoto, Anambra, Cross River, Delta, Enugu, Jigawa, Katsina, Adamawa, Bauchi, Bayelsa, and Zamfara. The DSS encouraged the public and political parties to refrain from taking any activities that could lead to a breakdown in…

In its most recent financial statement, Okomu Oil Palm Plc, a significant oil palm production firm in Nigeria, reported a 22% increase in its after-tax profit for 2023. From N17.33 billion in 2022 to N21.16 billion last year—the greatest profit in at least 13 years—the company’s after-tax earnings increased. Additionally, it reported a N75 billion turnover, up 26.6 percent from N59.2 billion.Analysts at Cordros Research stated that “the higher sales print was driven by the effect of the local currency devaluation on crude palm oil (CPO) prices, which triggered an increase in local CPO prices.” A closer look at the…

The Central Bank of Nigeria, acting on behalf of the Federal Government, increased the exchange rate for cargo clearance from N952/$ to N1.356 per dollar. A few weeks have passed after the rate increase from N783/$ to N952/$. The exchange rate for cargo clearance was increased from N757 to N783 per dollar in November, a 3.4% rise. In December, it was hiked from N783/$ to N952/$. Few hours ago, the updated rate was evident on the Nigeria Customs Service portal. “How do we explain this?,” asked Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, in response…

Sensitive materials for Saturday’s Surulere Federal Constituency I by-election were delivered to the Independent National Electoral Commission in Lagos State on Thursday by the Central Bank of Nigeria. Prof. Ayobami Salami, the state’s INEC resident electoral commissioner, said reporters that the commission was ready for the polls. “We have taken delivery of the sensitive materials today,” stated Salami. We are currently in the final stage of the by-election procedure. “We have the results sheet and the ballots for the by-election on Saturday. Everyone can see that we are prepared for the election.” In the interest of transparency, he said, the…

According to Dele Alake, Minister of Solid Minerals Development, miners and industry players owed the federal government almost N2 trillion. This comes as the minister emphasized that President Bola Tinubu’s administration is committed to stopping illicit miners’ operations nationwide. According to Alake, the actions of illegal miners constitute a grave offense against Nigeria and her citizens, and such behavior is intolerable. This was said by the minister on Thursday at a meeting with dealers of laterite and sand in Kaduna State who hold licenses to hold minerals. He declared that “in Kaduna State, it’s over N300bn,” and that “Miners and…